MOVE Logistics hits its FY26 positive earnings target
MOVE Logistics Group (NZX/ASX: MOV) has delivered positive normalised earnings before tax (NEBT) for FY26, the year ended 30 June 2026, based on preliminary unaudited results.
The outcome achieves the transport and logistics group’s stated financial target and marks a return to profitable earnings as its multi-year transformation programme progresses. Results remain preliminary and unaudited, with audited figures and an investor call scheduled for 25 August 2026.
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What MOVE delivered in FY26
MOVE outlined six preliminary performance highlights for the year. No specific dollar figures were disclosed, so the following measures are directional in nature.
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Achieved positive normalised earnings (NEBT)
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Growth in revenue with increasing momentum across the year
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Three of four business divisions delivering profit
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Continued improvement in gross margin dollars and percentage
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Reduction in borrowings and net debt
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Returned to generating positive free cashflow
Divisional performance
Three of MOVE’s four divisions delivered profitable earnings for FY26, with warehousing remaining the exception. The table below summarises the qualitative status of each division, as no divisional dollar figures were disclosed.
| Division | FY26 result | Commentary |
|---|---|---|
| Freight & Fuel | Profitable | Turnaround delivered, with growing revenue translating into positive earnings. |
| Specialist | Profitable | Strong year-on-year earnings improvement, with large projects commenced in 2H26. |
| International | Profitable | Material year-on-year earnings uplift, with Oceans delivering expected results. |
| Warehousing | Below expectations | Structural cost-outs executed; management’s priority is aggressive top-line growth to restore profitability. |
Understanding the New Horizons roadmap
The FY26 result was achieved as MOVE continues to progress its New Horizons four-year roadmap, which commenced in June 2024. The programme is structured in phases, with the Reset phase now complete and the Step-Up phase underway.
That shift matters. According to the company, the focus has moved from foundational transformation to accelerating commercial growth, indicating the business believes its restructuring groundwork is largely done.
For readers unfamiliar with the earnings measure used, MOVE defines it clearly.
What is NEBT?
Normalised Earnings Before Tax is a non-GAAP metric and excludes non-controlling interest and non-trading adjustments.
Hitting the NEBT target is significant for investors because it is the specific milestone management set for the year. Delivering against that promise suggests the transformation strategy is producing the intended financial outcomes, at least on a preliminary basis.
Balance sheet and capital discipline
Capital has been managed prudently across the year, with the company reporting a reduction in net debt, an improvement in free cashflow, and careful management of capital expenditure. These directional measures were disclosed without accompanying figures.
MOVE also flagged a new BNZ invoice finance facility, set to commence in November 2026, which is designed to reduce ongoing finance costs and assist in optimising working capital.
The BNZ invoice finance facility, secured well ahead of the expiry of MOVE’s existing Pacific Invoice Finance arrangement, also marks a return to mainstream banking partners in ANZ and BNZ, which analysts have read as a signal of improved creditworthiness during the transformation period.
What it means for investors and what’s next
Management characterised MOVE as a leaner, more capable organisation, with a cost base and network better aligned to market conditions and positioned for the next phase of growth. The company was candid about the operating environment, noting FY26 was marked by an inconsistent economy and intense competition, with the timing and pace of economic recovery remaining uncertain.
CEO Paul Millward
“FY26 marks an important milestone for MOVE as we delivered our financial target of positive normalised earnings and further strengthened the business… The structural benefits of the transformation are being realised, with revenue growth and continued cost optimisation resulting in improved positive earnings.”
Millward also framed the year in the context of the broader environment, noting that delivering an increase in revenue alongside positive earnings represents an important achievement against a difficult backdrop.
The next catalyst for investors is the release of MOVE’s audited FY26 results and an accompanying investor call on 25 August 2026, which should confirm whether the preliminary figures hold once verified.
MOVE describes itself as one of the largest domestic freight and logistics businesses in New Zealand, operating a nationwide network of branches, depots and warehouses. With the Reset phase complete and the Step-Up phase underway, the company has pointed to what it calls a clear pathway to sustainable value creation, though the pace of any economic recovery remains uncertain.
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